Funding arb · Price arb /

MEW

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against BingX−11.847%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on BingX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 11.847% cheaper against BingX than usual: you would sell low and buy high (−$1,185 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX MEW-USDT	0.0004786	0.0100	pay 0.0050% / 4h	3h 10m	—	$6.7M	—
Short	Injective MEW/USDC PERP	0.0004219	0.0033	get 0.0004% / 1h	10m 51s	$46	$14K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BingXbpFee InjectivebpOrdersPrice spread, now −11.847%Rate

Funding earned: −$14
Price spread: −11.847% → 0.000%: −$1,184.71
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,208.73
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 11 min ago; Injective: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy BingX live order book, 11 min ago	7.30 bp	23.7 bp −$24	68.8 bp −$688	755.9 bp −$75.6K	1051.9 bp −$526.0K
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

MEW on 12 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX MEW/USD [WBTC.b-USDC]	L 0.0000% / S 0.0000%	1h	0.0004780	−0.125%	—	—	100x	as long as short
Injective MEW/USDC PERPshort	+0.0033%	1h	0.0004219	−11.847%	$46	$14K	5.5x
Binance MEWUSDT	+0.0100%	4h	0.0004785	−0.029%	$1.3M	$3.3M	50x	as long as short
Bybit MEWUSDT	+0.0100%	4h	0.0004783	−0.063%	$1.5M	$1.4M	25x	as long as short
OKX MEW-USDT-SWAP	+0.0100%	4h	0.0004775	−0.230%	$548K	$871K	20x	as long as short
Gate MEW_USDT	+0.0100%	4h	0.0004782	−0.084%	$142K	$135K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004784	−0.042%	$385K	$180K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004786	0.000%	$332K	$127K	30x	as long as short
Bitget MEWUSDT	+0.0100%	4h	0.0004779	−0.146%	$505K	$501K	50x	as long as short
BingX MEW-USDTlong	+0.0100%	4h	0.0004786	long leg	—	$6.7M	—

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MEW	+0.0100%	4h	0.0004784	−0.050%	$85K	$35K	—	as long as short
Kraken Futures PF_MEWUSD	+0.0885%	1h	0.0004792	+0.117%	$90K	$123K	10x	as long as short